Europe’s ‘Most Wanted Crypto Fraudster’ Arrested as Police Seize £1.5M Luxury Supercar

THIS was the time when the “most wanted crypto scammer” in Europe was discovered and arrested by the Spanish police.

Footage from the scene shows how the Civil Guard seized seven luxury cars from the 45-year-old Portuguese national in Valencia on Saturday.

Police in Spain Seize Seven High-end Cars From'Crypto Scammers'


Police in Spain Seize Seven High-end Cars From ‘Crypto Scammers’Credit: Newsflash
Police surrounded the house of the unnamed man on Saturday


Police surrounded the house of the unnamed man on SaturdayCredit: Newsflash

The unnamed man has since been charged with seven counts of fraud and money laundering.

His arrest was the culmination of an operation called “Bitdrop” that began last August.

The alleged scammer also has assets worth more than €2.5 million (£2 million) blocked by the authorities.

He created an online crypto investment platform that aims to provide a minimum return of 2.5% per week to investors depending on how much they have contributed.

But investigators eventually learned it ran as a Ponzi scheme and scammed several people in Spain.

Investigators also determined that crimes were committed across Europe in Luxembourg, Switzerland and Portugal.

On December 2, searches were carried out in the man’s home and his corporate headquarters and seized numerous documents and electronic devices.

Several bank accounts and websites affiliated with the company were also blocked by police.

Cryptocurrencies are digital payment systems that do not rely on banks for transaction verification, and their explosion has led to an exponential increase in related scams in recent years.

The Federal Trade Commission Consumer Sentinel reports that 7,000 people registered a loss of more than $80 million (£59 million) between October 2020 and March 31 last year.

This is a nearly 1,000% increase in reported losses year-over-year.

5 Risks When Investing in Cryptocurrencies

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

  • Consumer protection: Some crypto-based high-return promotional investments may not be subject to regulation beyond anti-money laundering requirements.
  • Price volatility: Significant price volatility in cryptocurrencies, combined with the inherent difficulties in valuing cryptocurrencies reliably, puts consumers at high risk of loss.
  • Product complexity: The complexity of some crypto-related products and services can make it difficult for consumers to understand the risk. There is no guarantee that cryptocurrency can be converted back to cash. Converting a cryptocurrency back into cash depends on the demand and supply available in the market.
  • Fees and charges: Consumers should consider the impact of fees and charges on their investment, which may be more than the impact of fees and charges on managed investment products.
  • Marketing materials: Companies can overstate product returns or minimize the risk involved.

Buying any cryptocurrency is extremely risky.

With any investment, there is a risk that the value of your money could go down as well as increase. That means you should only invest money that you can afford to lose.

Cryptocurrencies can be riskier than other investments because they are volatile and speculative – their prices often rise and fall very quickly, sometimes for seemingly no reason.

Many cryptocurrencies have a short track record, making them confusing and difficult to predict.

This type of investment is also not regulated by the regulator, which means you won’t be protected if things don’t go your way.

The UK regulator has warned that Britons risk losing ALL of their money if they invest in cryptocurrencies.

If you are considering investing in any cryptocurrency, do your research first and invest only the amount you can afford.

Also be wary of scams, as the cryptocurrency market is often a target for scams.

Attention fake celebrity endorsement or social media profiles pushing certain coins.

The 45-year-old man was charged with 7 counts of fraud and money laundering


The 45-year-old man was charged with 7 counts of fraud and money launderingCredit: Newsflash
British bitcoin expert Layah Heilpern offers crypto advice to her followers on TikTok Europe’s ‘Most Wanted Crypto Fraudster’ Arrested as Police Seize £1.5M Luxury Supercar


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